Oppenheimer Asset Management Inc. Sells 45,979 Shares of TechnipFMC plc $FTI

Oppenheimer Asset Management Inc. cut its stake in TechnipFMC plc (NYSE:FTI) by 17.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 224,105 shares of the oil and gas company’s stock after selling 45,979 shares during the period. Oppenheimer Asset Management Inc.’s holdings in TechnipFMC were worth $8,841,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of FTI. Massachusetts Financial Services Co. MA boosted its position in shares of TechnipFMC by 2.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,374,192 shares of the oil and gas company’s stock worth $409,262,000 after buying an additional 232,491 shares during the period. AQR Capital Management LLC lifted its stake in TechnipFMC by 13.8% in the 2nd quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock valued at $342,279,000 after acquiring an additional 1,202,713 shares in the last quarter. Boston Partners boosted its position in TechnipFMC by 267.5% during the 2nd quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock worth $333,041,000 after acquiring an additional 7,038,640 shares during the last quarter. Norges Bank acquired a new position in TechnipFMC during the 2nd quarter worth approximately $151,413,000. Finally, Pacer Advisors Inc. grew its stake in shares of TechnipFMC by 91.5% during the 3rd quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock worth $151,382,000 after acquiring an additional 1,833,601 shares in the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Stock Up 1.5%

TechnipFMC stock opened at $59.97 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. The company’s 50-day moving average is $49.59 and its 200-day moving average is $42.76. The firm has a market capitalization of $24.26 billion, a PE ratio of 26.77, a P/E/G ratio of 1.15 and a beta of 0.69. TechnipFMC plc has a fifty-two week low of $22.11 and a fifty-two week high of $60.36.

TechnipFMC declared that its Board of Directors has approved a stock buyback program on Wednesday, October 22nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 13.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FTI has been the topic of a number of research reports. Piper Sandler boosted their price objective on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Jefferies Financial Group boosted their price target on shares of TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Susquehanna increased their price objective on shares of TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a research note on Wednesday, January 7th. UBS Group reaffirmed an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. Finally, TD Cowen reissued a “buy” rating on shares of TechnipFMC in a research report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.